CNET acquires TechRepublic for $23 million

San Francisco Business Times

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San Francisco-based CNET Networks Inc. announced today that it has agreed to acquire TechRepublic Inc., a online reference site for IT professionals held by technology research firm Gartner Inc., for $23 million in cash and common stock.

The transaction, which is not subject to any shareholder or regulatory approval, is expected to close early in the third quarter.

"The Internet has become the number-one place IT professionals go to research, compare, and make brand and buying decisions," said Shelby Bonnie, CEO of CNET, in a prepared statement. "This transaction enables us to create the definitive online resource for this critical, influential audience of IT professionals, as well as the best environment for technology marketers to reach their most important customers."

TechRepublic adds 1.5 million registered IT professionals to CNET's 3.4 million strong reach, which is 66 percent of all MIS/EDP departments or technical occupations on the web according to Nielsen/NetRatings.

Shares of CNET were up 4.62 percent at $9.35 in mid-day trading on Monday.

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